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ADGM: 2 days ago
The Financial Services Regulatory Authority (FSRA) of ADGM and the Securities and Futures Commission (SFC) have entered into a Memorandum of Understanding (MoU) to enhance regulatory cooperation on the supervision of investment managers of collective investment schemes based in either jurisdiction.
The MoU was signed on the sidelines of the annual general meeting of the International Organisation of Securities Commissions (IOSCO), held in Doha, the State of Qatar. The SFC’s Chief Executive Officer, Ms Julia Leung, and its Executive Director of Investment Products, Ms Christina Choi, joined FSRA’s Chief Executive Officer, Mr Emmanuel Givanakis, at the meeting held yesterday.
The MoU establishes a framework for consultation, cooperation and the exchange of information in connection with the supervision and oversight of regulated entities engaged in cross-border fund management, investment management or advisory activity.
“This MOU between the SFC and ADGM's FSRA marks an important milestone in forging closer regional market connectivity between Hong Kong and the Middle East and deepening regulatory cooperation between the SFC and the FSRA,” said Ms Leung. “Specifically, the agreement would facilitate cross-market industry collaborations between ADGM and Hong Kong, especially on investment delegation and fund offerings through a master-feeder structure.”
Commenting on the agreement, Emmanuel Givanakis, CEO of ADGM’s FSRA, said, “This MoU marks a significant step in strengthening our regulatory cooperation with the SFC. By enhancing information exchange between both authorities, we are not only improving oversight of cross-border fund management, investment, and advisory activities but also ensuring that both jurisdictions benefit from greater transparency and more effective regulatory practices. This partnership fosters mutual trust and strengthens the stability and integrity of our respective financial markets, promoting investor protection and reinforcing the global financial ecosystem."
Notes
1. Please see the SFC’s Press Release on 27 May 2024 on high-level meeting between the SFC and the ADGM’s FSRA.
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